The Elrond Mainnet Token Swap Begins on Binance, And The New Economic Model Is Set In Motion

Beniamin Mincu
·
Aug 28, 2020
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2 min read

The last few months have been packed with progress on many fronts. The Elrond mainnet has been launched, and a great number of partners are already working to integrate and build on it. Maiar has been unveiled, and is currently going through a rapid iteration cycle. The new Elrond economic model is now ready to start an accelerated and sustained growth period

Thank you for being here every step of the way.

The path from ERD to eGLD

Starting with the 3rd of September we will officially begin the swap from ERD to eGLD. eGLD will be the native currency of the Elrond economy, and all ERD tokens will gradually be swapped to eGLD tokens. The eGLD ticker is an abbreviation for eGold, denoting the simplest, and most intuitively powerful metaphor of what the Elrond currency aims to become. Starting now, we will use eGold and eGLD interchangeably, to refer to the native Elrond currency.

Moving forward, there will be two ways to swap your ERD to eGLD, one through Binance.com which will be a one time swap on the 3rd of September, and an ongoing one through the Elrond swap bridge.

1. Binance.com will announce the precise details later today, but the trading of the new eGLD is targeted to begin on the 3rd of September. All details here.

2. The Elrond swap bridge is in the works and is scheduled to be live on the 4th of September.

The simple next steps

For stakers or delegators: If you have staked or delegated your ERD before the mainnet launch, your ERD has already been swapped and you have received the new eGLD.

For ERD ERC20 and BEP2 tokens held on Binance.com: If you hold ERD on Binance.com, it will automatically be swapped for eGLD on the 3rd of September, so no action is needed.

For BEP2 tokens held on Binance.org: If you hold ERD on Binance.org, you will have to manually do the swap by either (1) depositing ERD on Binance before the 30th of August, or (2) via the Elrond swap bridge at any time after the 3rd of September.

For all other wallets: if you hold ERD on Crypto.com, MetaMask, Ledger, TrustWallet, Atomic Wallet or any other wallet, you can do the swap manually in either of two ways: (1) by depositing ERD on Binance before the 30th of August, or (2) via the Elrond swap bridge starting with the 3rd of September.

No immediate swap deadline: Everyone will be able to continue to swap ERD ERC20 or ERD BEP2 to EGLD via the Elrond bridge for the next 12-24 months, so there is no risk of losing your ERD tokens if you don’t swap immediately.

The swap will happen at a 1000:1 ratio, 1000 ERD (old) = 1 eGLD (new).

The value of 1 eGLD will be 1000x of 1 ERD. Example: 1 ERD = $0.025, 1 eGLD = $25.

Note: Please be very careful, no other swap methods exist beside Binance and the Elrond swap bridge for now. Do not trust anyone asking for your private keys or seed phrase.

Ready player one?

The Elrond Mainnet swap is ready, and the new economic model is set in motion.

Let the massive multiplayer financial game begin.

Once critical mass is reached, it will reshape the global economy.

What role will you play?


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Written by
Beniamin Mincu
CEO, Elrond Network